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What is a fixed asset and how do I track it?

Updated on November 4, 2015

A fixed asset is something that a business will keep and use over time, and it will depreciate in value. Since not everyone knows what a fixed asset is, just asking "Is this a fixed asset?" isn't always helpful. Instead, we ask "How long will you use this item?" and if you will use it for more than a year, then we know it's a fixed asset. From there we will show you a straight-line depreciation schedule.